Public Notice No. 5 (RE-03)/2002-2007, Dated: 04.04.2003

Public Notice No. 5 (RE-03)/2002-2007, issued by the Ministry of Commerce and Industry on April 4, 2003, announces a revision in the Indian Rupee value of the Special Currency Basket for deferred payment contracts under the agreements between the Government of India and the former USSR. These contracts were established under the Deferred Payments Protocols of April 30, 1981, and December 23, 1985, for machinery and equipment deliveries from the USSR to India. The revised Indian Rupee value, effective from March 11, 2003, is set at 57.5227. This revision applies to the deferred payment contracts concluded under both protocols. The notice informs stakeholders about this change in currency valuation for compliance with the terms of these long-standing agreements.

GOVERNMENT OF INDIA

MINISTRY OF COMMERCE & INDUSTRY

DEPARTMENT OF COMMERCE

PUBLIC NOTICE NO. 05(RE-03) /2002-2007

NEW DELHI, DATED 4^TH APRIL, 2003

Subject:-Indian Rupee Value of the special currency Basket for the purposes of deferred payments contracts entered into under the Deferred Payments Protocol dated the 30^th April, 1981 for the period 1.1.81 to 31.12.85 and the Deferred payments protocol dated 23^rd December, 1985 for the period 1.1.1986 to 31.12.90 between the Government of India and the former USSR relating to the deliveries of machinery and equipment from the USSR to India on deferred payment terms.

Attention is invited to Ministry of Commerce (Import Trade Control) Public Notice No. 74-ITC (PN )/85-88 dated the 21^st February, 1986, on the subject mentioned above. It is hereby informed that in pursuance of the relevant provisions contained in the Deferred Payments Protocol dated the 30^th April, 1981 and 23^rd December, 1985 between the Government of India and the former USSR, the Reserve Bank of India have further revised the Indian Rupee Value of the Special Currency Basket in the manner indicated below:-

2. The above revision would apply to the deferred payment contracts concluded under both the Deferred Payment Protocols dated 30.04.1981 and 23.12.1985 between the Government of India and the former USSR.

(L MANSINGH)

DIRECTOR GENERAL OF FOEIGN TRADE

Copy to all concerned;